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Texas Pension Review Board

Weekly News Clips
March 3, 2022

www.prb.texas.gov

Texas Pension and Economic News

Q&A: Answers to Longview Firefighter Fund Bond Election Questions
Feb. 26, 2022, By Jo Lee Ferguson, Longview News-Journal


This Q&A provides voters with a background on the Longview Firefighters' Relief and Retirement Fund leading up to the May 7 vote to increase tax rates by 2 cents. This would pay for a $45.6 million bond issuance to cover the pension fund's unfunded liability.

How the Texas Energy Grid Could Be Impacting Your Retirement Plan
Feb. 28, 2022, By Erica Proffer, KVUE


Attempts to expand the capacity and resiliency of the Texas power grid will require investment, and the state's suitability for wind and solar energy makes it an attractive location for renewable energy investments. The article also explains how Texas oil and gas industries relate to public pensions, particularly the Teachers Retirement System of Texas (TRS).

Texas Employees Appoints New Deputy CIO From Within
March 2, 2022, By Christine Williamson, Pensions & Investments
 

Texas Employees Retirement System (ERS) recently selected Anthony Curtiss as the new deputy CIO. Curtiss was previously the ERS director of hedge funds, a position he held since 2016.

National Pension
and Investment News

Inflation Raises Expenses for Pension Funds
Feb. 28, 2022, By Heather Gillers, The Wall Street Journal


Many pension funds tie cost-of-living adjustments (COLA) to the consumer-price index, and an inflation rate of seven percent in December 2021 means that many will be raising benefit payments or considering one-time COLAs. While many systems adjusted or eliminated COLAs after the 2007-09 recession, any increase in benefit payments will affect system funding.

U.S. Pensions Face Demands to Exit Hard-to-Unwind Russia Assets
Feb. 28, 2022, By Fola Akinnibi, Bloomberg


Amid growing calls for public pensions to divest from investments tied to Russia, many systems are finding that difficult to accomplish. These investments are often small percentage of a systems total portfolios and may be only a piece of a larger index fund. Sanctions and international tensions also mean that systems would be selling these assets at a loss if they are able to sell them at all as it becomes increasingly difficult to find interested buyers.

Studies and Reports

NIRS and CCA Announce Winners of New Innovative Public Pension Funding Strategies Award
March 1, 2022, Press Release, National Institute on Retirement Security


The National Institute on Retirement Security and Conference of Consulting Actuaries recently announced the winners of the new Innovative Public Pension Funding Strategies, a contest to spotlight new ideas for public pensions to reduce cost volatility, improve intergenerational equity, and support fiscal strength. Links to the three winning submissions can be found in the press release.

Editorials and Perspectives

Psst, Hey Kid! You Wanna Buy Two Blocks in Downtown Austin
Feb. 23, 2022, By James Rambin, Towers


The TRS headquarters is up for sale as the system prepares to move to its new headquarters. Redevelopment is an expected use for the site, and system representatives plan to lease the property for two years so the new owners have time to begin the design and permitting process.
The information contained in the PRB Weekly Clips is for informational purposes only and does not represent the views, positions, or opinions of the Texas Pension Review Board.
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